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High Court of Karnataka Allows Appeal in Credit Card Recovery Suit — Reduces Usurious Interest Rate of 2.5% per Month Compounded Monthly to 6% per Annum Simple. Contractual interest held unconscionable and against public policy under Section 34 CPC.

The appellant, B. Gopa Kumar, was a credit card holder of Canara Bank (respondent) and was issued a Cancard-Visa card in 1998. He defaulted on payment...

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High Court of Judicature at Bombay Adjudicates Letter of Credit Dispute in Common Judgment for Two Suits Arising from Alleged Discrepant Documents. Bank's Liability for Wrongful Debit Examined Under UCP 290 with Emphasis on Strict Compliance and Discrepancy in Shipping Documents.

Two suits were filed arising from a documentary import Letter of Credit facility granted by State Bank of India to Dadlani Silk Stores. Suit No. 1012 ...

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Supreme Court Allows Appeal in IBC Section 7 Application — Cumulative Redeemable Preference Shares Held as Debt, Not Investment. The Court held that CRPS constitute a debt under Section 3(11) of IBC, 2016, and the appellant is a financial creditor entitled to file an application under Section 7.

The appeal arises from the dismissal of the appellant's application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by the NCLT and ...

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Bombay High Court Issues Rule Nisi in Cyber Fraud Case Involving Unauthorized Withdrawals of Rs. 38.04 Lakh. Petitioner Claims Banks Breached RBI Guidelines on Internet Banking and Failed to Reverse Fraudulent Transactions.

The petitioner, a freelancer in business consultancy, maintained savings and current accounts with HDFC Bank since 2011 and 2016 respectively. On 14 J...

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Bombay High Court Adjudicates Suits for Recovery of Fixed Deposit Proceeds Allegedly Appropriated by Bank for Third-Party Dues. Plaintiffs contend that letter authorizing adjustment was obtained under economic duress, rendering it void.

The dispute arose from two recovery suits filed by sister concerns, M/s. Palbro International and Manekji Nensey & Sons, against The Federal Bank Ltd....

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Bombay High Court Dismisses Writ Petition of Bank Employee Challenging Dismissal for Misuse of Credit Card. Misconduct of Exceeding Credit Limit and Continued Use After Card Was Hot-Listed Constitutes Gross Misconduct Justifying Dismissal Without Enquiry Under Bipartite Settlement.

The petitioner, Ramesh Raghunath Chavan, was an employee of the Bank of India. He was issued a credit card in 1995. He misused the card by exceeding t...

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Supreme Court Allows Banks' Appeals in RBI Fraud Classification Case Regarding Natural Justice Requirements. Court Holds No Absolute Right to Personal Hearing or Full Forensic Audit Report Disclosure Under RBI Master Directions Issued Under Section 35A Banking Regulation Act, 1949.

The dispute arose from the classification of loan accounts as 'fraud' by banks under the Reserve Bank of India's Master Directions. The appellant bank...

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High Court of Karnataka Hears Appeal by Bank Manager Convicted of Forgery and Corruption. Court Examines Prosecution Evidence and Notes Adverse Inference Under Section 114(g) of Evidence Act for Non-Examination of Material Witnesses.

The appeal arose from the judgment of the Special Judge for CBI cases convicting the appellant, a former branch manager of Syndicate Bank, for offence...